With the new school year upon us, teachers should remember that they may be eligible to deduct up to $300 for classroom expenses in 2024. This deduction allows educators to offset the cost of supplies, materials and other classroom essentials, Read more…
Many parts of the country are approaching peak air conditioning season, which often means higher utilities. If your utility bill has recently caught your attention, you may be considering home improvements to lower those bills. Luckily there are tax credits Read more…
Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. Your marital status as of December 31 determines your tax filing options for the entire year, but that’s not all newlyweds Read more…
It seems like “side hustles” are all the rage these days. But come tax day, the tax treatment of these endeavors can be a big question mark — especially since these often aren’t the primary source of income for those Read more…
With summer on our doorstep, the thoughts of many people go to home improvements that should be done now that the weather is improving. If this sounds like you, you should be aware that certain energy efficient updates to your Read more…
If you’re a business owner, you should be aware that the SECURE 2.0 Act has changed how some amounts are reported on Form W-2. The provisions potentially affecting Forms W-2 (including Forms W-2AS, W-2GU and W-2VI) are: De minimis financial Read more…
If you missed the April tax filing and payment deadline, you should file as soon as you can. If you missed the deadline to file and owe taxes, you need to file quickly to minimize penalties and interest. And keep Read more…
The Earned Income Tax Credit (EITC) is the federal government’s largest refundable tax credit for low to moderate income workers. Almost a third of those who qualify for the EITC became eligible for the first time this year due to Read more…
Most people who are traditional employees or contractors have their income reported to the IRS on a Form W-2 or a Form 1099-NEC. But you are required to report all sources of income on your tax return, even those that Read more…
Will people will get a Form 1099-K from friends and family sending them personal payments? Payments from friends and family should generally not be reported on a Form 1099-K. Form 1099-K reports payments for goods or services and should not Read more…